Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Instead of Funding Retirement Accounts As Mandatory, Treasury Proceeds To Plunder The Most Since Debt Ceiling Breach

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Tyler Durden
Zero Hedge
July 6, 2011

As the chart below shows, while at the end of every quarter, the US Treasury is traditionally supposed to fund a quarterly payment into the various government retirement funds (previously discussed here), this time around, instead of putting in even one penny into G and CSRD Funds, Tim Geithner has decided to defraud government retirees by the most since the US debt ceiling was breached, or, specifically, since intragovernmental “holdings” became a mere plug to make room for marketable debt. So while the debt held by the public increased by $21 billion following the settlement of last week’s auctions, in order to stay under the $14.294 billion ceiling, the Treasury was forced to “disinvest” another $20 billion from retirement funds. At this point the various funds that fall under this umbrella are underinvested by at least $120 billion and likely much more. Of course, this is not an event of default as per Geithner’s fine print: as soon as the debt ceiling is hiked, these will be the first funds that are replenished. On the other hand, if there is no debt ceiling hike, and courtesy of marketable debt having priority to intragovernmental debt, government retirees are increasingly becoming the impaired class in what may be shaping up to be the world’s biggest bankruptcy filing in history.

Instead of Funding Retirement Accounts As Mandatory, Treasury Proceeds To Plunder The Most Since Debt Ceiling Breach  Introgov%20Holdings9 0

Instead of Funding Retirement Accounts As Mandatory, Treasury Proceeds To Plunder The Most Since Debt Ceiling Breach  030511banner3

Stock up with Fresh Food that lasts with eFoodsDirect (AD)

This article was posted: Wednesday, July 6, 2011 at 3:32 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Al Sharpton: Mob Rat For The FBI See the rest on the Alex Jones YouTube channel.

Epic Fail: New Yorkers Disobey New Gun Laws See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.